28-2-2024 (SINGAPORE) Singaporean authorities have apprehended a 31-year-old woman on charges of misappropriating approximately US$4.2 million in cryptocurrency. According to a news release issued by the police on Tuesday, the suspect is set to face charges of cheating and suspected involvement in money laundering activities. The court hearing for the case is scheduled for Wednesday, February 28.
The investigation was initiated after a company reported the alleged misappropriation of US$4.2 million worth of United States Dollar Tether (USDT) on February 28 of the previous year. The funds were purportedly misappropriated between May and August 2022 and transferred into cryptocurrency accounts believed to be owned by the woman in question.
Through thorough follow-up investigations, law enforcement was able to ascertain the identity of the suspect. It was discovered that she had transferred the aforementioned sum to her personal cryptocurrency wallets and utilized it for various purchases. Notably, the police provided images of the seized items, which included a pair of white slippers, accessories like a bag and sunglasses, as well as a black car resembling a Mercedes. These items have been confiscated as proceeds of the alleged criminal activities.
The woman is expected to face charges of cheating, furnishing false information, and offenses related to the conversion or transfer of illicit funds under the Corruption, Drug Trafficking, and Other Serious Crimes Act (CDSA). If convicted of the cheating charges, she may face a maximum sentence of 10 years in jail, in addition to a fine. Furnishing false information carries a potential prison term of up to three years, a fine of S$1,000, or both. Offenses related to the conversion or transfer of illicit funds under the CDSA can result in an imprisonment term of up to 10 years, a fine of up to S$500,000, or both.
